The Real Deal New York

The East Hampton Town Board voted last week in favor of buying almost four acres in Wainscott from the Triune Baptist Church for $900,000, Newsday reported. The town plans to erect a 27-unit apartment complex on the 3.92-acre parcel, which is located near Sag Harbor, but no formal proposal has yet been submitted. East Hampton officials are weighing whether the project may include an adjacent two-acre property owned by the Sag Harbor Community Housing Trust. Though the plan was mostly met with support, some worried how the project could affect the town’s one-room Wainscott School, which was built in 1730. Proponents argued the project would be able to house families in an expensive region, as property taxes in Wainscott are comparatively low at about $500 per $1,000 of assessed land value, compared to $1,400 per $1,000 of assessed value in nearby Springs, the outlet reported. Construction of any affordable housing development is expected to take six-to-eight years. [Newsday]